Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

4yrs ago Crypto newsbtc Views: 291

Bitcoin’s bulls and bears have been locked in a fierce battle over the past few days, with buyers attempting to push BTC firmly into the five-figure price region, while sellers have been attempting to push the cryptocurrency below the key psychological price region of $10,000.

This price action has made it significantly unclear as to which direction BTC will trend in the near-term, but one striking statistic about the crypto’s fundamental strength may signal that bulls currently have an edge over bears.

Bitcoin Struggles to Hold Above $10,000 as Sellers Put Up Strong Fight

At the time of writing, Bitcoin is trading up nominally at its current price of $10,040, which is up slightly from its daily lows of $9,900 that were set yesterday but is still trading below its 24-hour highs of over $10,100.

This price action is emblematic of the new trading range that Bitcoin has found itself caught within, and the lack of any major momentum in one direction or another has led to a division amongst analysts, with some targeting BTC’s 2019 highs of $13,800, while others believe it will revisit $8,800.

Importantly, Bitcoin has been holding above a key trend line for the past several days that could allow it to climb significantly higher in the near-future.

Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about this trend line in a recent tweet, concisely noting that Bitcoin is “holdin the line.”

$BTC – holdin the line #bitcoin pic.twitter.com/rVWUuDEI6i

— Chonis Trading- - (@BigChonis) August 1, 2019

BTC Incurs Strengthening Fundamentals Since 2018 

Although it is unclear as to which direction the cryptocurrency is heading next, it is clear that Bitcoin is more fundamentally strong today than it was this time last year.

In a recent tweet, cryptocurrency analyst Ceteris Paribus consolidated some data from TokenAnalyst that shows that real Bitcoin trading volume has increased 120% since August of 2018, while transactions have risen 53%.

“Monthly $BTC On-Chain Metrics over the past year. Aug 2018: Active Senders: 12.9M. Transactions: 6.7M. Real Volume: $127B. Fees: $4.7M. Jul 2019: Active Senders: 14.6M (+13%). Transactions: 10.3M (+53%). Real Volume: $279B (+120%). Fees: $21.0M (+350%),” they explained in a recent tweet.

Monthly $BTC On-Chain Metrics over the past year.

Aug 2018
Active Senders: 12.9M
Transactions: 6.7M
Real Volume: $127B
Fees: $4.7M

Jul 2019
Active Senders: 14.6M (+13%)
Transactions: 10.3M (+53%)
Real Volume: $279B (+120%)
Fees: $21.0M (+350%) pic.twitter.com/0tMca6A33a

— Ceteris Paribus (@ceterispar1bus) August 1, 2019

When considering the fact the crypto’s fundamentals have improved significantly over the past 12 months, it does seem reasonable to assume that BTC’s price will ultimately benefit from these strong fundamentals.

Despite this, how Bitcoin responds to the aforementioned trading range will likely signal what the near-term trend will be.

Featured image from Shutterstock.

Bitcoin Holds Key Trend Line as Real Volume Climbs Over 120% Since 2018 on NewsBTC.


Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.